SB 370

This bill adopts the Revised Uniform Unclaimed Property Act (the act), as

approved by the Uniform Law Commission, also known as the National Conference

of Commissioners on Uniform State Laws. The act under current law is based on

earlier versions of the act that were last updated in 1995. The act requires a holder

of unclaimed property to submit that property to the state after a certain time has

passed, a period referred to as a dormancy period. The state then attempts to return

the property to its rightful owner. Generally, if the state is unable to return the

property to its owner, the state may retain the property. Under current law, a holder

of unclaimed property submits the property to the secretary of revenue who is the

administrator of the act. The bill designates the Department of Revenue as the

administrator and makes various changes to the act in order to make the act easier

to administer. For example, the bill updates the act to address the disposition of

unclaimed gift cards, life insurance benefits, securities, and virtual currencies. The

bill also organizes the act chapter into subchapters in order to facilitate the act's

administration.